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New Peoples Bank Review

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New Peoples Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

New Peoples Bank was founded in 1998 and has its headquarters in Honaker, Virginia. It manages assets of $666 million and $584 million in deposits, classifying it as a medium-size bank. New Peoples Bank has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4 stars out of 5, New Peoples Bank should be near the middle of the pack in your search for a bank. New Peoples Bank provides customers with a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. New Peoples Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly maintenance charge. Banks that offer no-fee checking, in addition to a high savings APY are your best bet for returning the highest income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.1
SmartAsset Average: 3.5

New Peoples Bank features a savings rate of 0.10%, which is poor compared to the average U.S. bank. Its one-year CD has a rate of 0.55% and the five-year CD has a rate of 1.45%, while its highest-yielding money market account earns at a rate of 0.20%. Given New Peoples Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How New Peoples Bank's Savings Rates Compare

New Peoples Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

New Peoples Bank generally has extremely low fees compared to the average U.S. bank. With no monthly fee, New Peoples Bank is ideal for those who want a basic banking experience. New Peoples Bank unfortunately does not reimburse out-of-network ATM charges, which means you will be required to search for a New Peoples Bank ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.8
SmartAsset Average: 3.7

New Peoples Bank is a brick-and-mortar bank, with 24 total bank locations in Tennessee, Virginia and West Virginia. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 7:30 a.m. to 6:00 p.m. ET. Additionally, New Peoples Bank offers a live chat feature, an alternative customer service tool if you can't call in during business hours. New Peoples Bank receives inferior reviews from customers for its mobile platform. With 190 customer reviews on iOS and Android platforms, the New Peoples Bank mobile app is scored at 3.3 out of 5 (compared to the national average of 3.8). New Peoples Bank's mobile app allows you to control your bank accounts by checking account balances, transferring money and accessing customer service. New Peoples Bank gets an outstanding consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.0
SmartAsset Average: 4.8

New Peoples Bank is a medium-size bank and manages $666 million in assets as well as deposits totaling $584 million. It has a good Texas Ratio of 20.24%, signifying that the bank is in satisfactory financial well-being. Additionally, New Peoples Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

20.24%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare New Peoples Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $25
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.05% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.45% APY
$500 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

New Peoples Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. New Peoples Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. New Peoples Bank's CD rates are fair compared to the national average.

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Find a New Peoples Bank Near Me

New Peoples Bank has 24 physical branches across the U.S.

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